Helix Resources (ASX:HLX) hit the ground running during Q1 2023, with reverse circulation (RC) drilling at the 70% owned Canbelego Joint Venture (JV) Project in New South Wales.
As reported in the company’s latest quarterly report, Helix encountered a ‘high-grade’ copper zone at the Upper Canbelego Main lode with assays including CBLR064 with 5m @ 5.35% Cu from 18m within 25m @ 1.87% Cu from 13m; and CBLR062 with 6m @ 4.72% Cu from 103m within 10m @ 3.02% Cu from 100m.
The company reported these results were supported by follow-up diamond drillhole CANDD017, which defined a new, wide zone of copper mineralisation from surface to over 150m vertical depth. This hole intercepted 8m @ 2.83% Cu from 169m, including 5m @ 4.23% Cu from 172m.
Additionally, the company confirmed a ‘high-grade’ copper shoot in the Lower Canbelego Main Lode with hole CANDD016C returning 5m @ 3.59% Cu from 603m, including 1.5m @ 10.95% Cu from 605.5m.
Helix notes the results from these drilling campaigns will be combined with previous results for an updated Mineral Resource Estimate (MRE) expected to be completed in the June 2023 quarter.
Other works in progress include major geochemical sampling programs, early-stage target mapping and sampling, as well as reviews and reprocessing of geophysical data.
Commenting on the activities conducted in Q1 2023, Helix Resources Managing Director Mike Rosenstreich says: “Helix continues to go from strength to strength and during this quarter was able to deliver high-grade assays from its aggressive drilling at the Canbelego Main Lode, as well as identify further shallow, wide, high-grade copper mineralisation within the Main Lode upper portions.
“Helix continues to go from strength to strength and during this quarter was able to deliver high-grade assays from its aggressive drilling at the Canbelego Main Lode…”
In both cases, assays have confirmed the prospective nature of the Main Lode, increasing our confidence in the Canbelego project to host a Cobar-style deposit. These results are anticipated to add copper tonnes to our Mineral Resource Estimate Update. Note, MEC Mining consultants have commenced this work and subject to final assays we expect this to be completed in the June quarter of this year.
Whilst our drilling has recently paused, we are very active on several earlier stage copper targets aimed at making new discoveries. I have recently returned from several weeks on site, my second extended visit this year, and I am looking forward to providing further updates on these work programs.
This is a workflow where we have experienced major weather-related delays. Pleasingly, we are now gaining real momentum on assessing these new targets.
With major news flow from these early-stage targets, which are all about the potential for new discoveries, plus the potential for a resource upgrade, not to mention the great work being done at our nickel subsidiary Ionick Metals, there are some fascinating developments upcoming, and I encourage everyone to keep Helix on your radar.”
On the corporate side, Helix established a special purpose vehicle, Ionick Metals during Q1 2023 to enable independent funding for Helix’s nickel-cobalt assets located in the greater Cobar region of New South Wales. Helix also reports it closed the quarter with $6.8 million with a working capital position of $7.2 million at the end of March 2023.
Helix Resources is an Australian mineral exploration company focused on developing the Collerina and Cobar Gold projects in Central New South Wales. The company also holds a 70% interest in the Canbelego JV Project, with the remaining 30% interest held by Aeris Resources (ASX:AIS).
Images: Helix Resources Ltd
